IQ
JELM
Janus Henderson Equity Linked Moderate Income ETF
Category IncomeIssuer Janus HendersonNet assets $68mFee 0.59%

JELM bid-ask spread and liquidity

See what JELM costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 11, 2026
$24
one way, a $10,000 order
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
0.48% median spread, 30 days to Nov 11, 2026
31.0
Capacity
Not measured · no book of its holdings is read
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Price fidelity
Not measured · no closing premium is held for this fund
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Primary market
Not measured · it first traded on 2026-04-22, and no N-CEN ETF row for series S000096913 is in the quarters read (2024q4 to 2026q3)
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Bad-day behaviour
Not measured · no daily closing premium is held for this fund
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

JELM is not scored: its spread is not read, so it has no point on this chart. 174 scored Income ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

JELM among Income ETFs

Cheaper to trade sits left, easier to trade sits up.

174 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026

What a trade costs

One way, half its 30-day median spread; sizes above $10,000 are estimates
JELM: cost for your order at each size, one way
OrderDollarsPercentBasis
$1,000$2.400.24%spread
$10,000$240.24%spread
Spread 0.48%, the median over the 30 days to Nov 11, 2026. A round trip costs twice this. Above $10,000 it adds an estimate of price impact.
CapacityWhat the holdings can absorb a day

Not measured: no book of its holdings is read.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$1.13
Fidelity customers
$5.43
Schwab customers
$9.07

In Sep 2026, retail market orders in JELM paid $1.13 one way on $10,000, against $11 at the quote.

72% of shares filled better than the quote.

May 2026Grey: old format, orders of 100 to 9,999 sharesSep 2026

JELM ranked 2415th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.0007% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 48 trading days
Off exchange
62%
Odd lots, of exchange volume
9.8%

In Q2 2026, 62% of JELM’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
ETF spreads are usually widest in the first minutes after the open and the last before the close.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

What is JELM’s bid-ask spread?

0.48% of the midpoint, the median over the 30 days to Nov 11, 2026, as its issuer states it.

Who is the LMM for JELM?

JELM’s lead market maker (LMM) on Cboe BZX is Old Mission Capital LLC. Lead market maker per Cboe BZX, as of Nov 9, 2026.

What does it cost to trade $10,000 of JELM?

About $24 one way, 0.24%: half its 30-day median spread. In and out costs twice that.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →JELM fund page→
Sources and dates
SpreadJanus Henderson (fund page), 30-day median · to Nov 11, 2026
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, JELM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/jelm/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.